NEW YORK–(BUSINESS WIRE)–#A–Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Tandem Diabetes Care, Inc. (“Tandem” or the “Company”) (NASDAQ: TNDM) in the United States District Court for the Southern District of California on behalf of all persons and entities who purchased or otherwise acquired Tandem securities between August 3, 2022 and November 2, 2022, both dates inclusive (the “Class Period”). Investors have until November 7, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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The complaint alleges that defendants provided investors with material information concerning Tandem’s projected revenue and sales for the year ending 2022. On August 2, 2022, Tandem estimated annual sales “to be in the range of $835 million to $845 million, which represents an annual growth of 19 percent to 20 percent compared to 2021.” Defendants provided these statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts.
According to the complaint, the truth emerged on November 2, 2022, when Tandem, in an investment call and Form 8-K filing, revised its 2022 forecast downward to $800 to $805 million. Reasons stated for the scale back included increased competition in the diabetes care sector, complications due to the COVID pandemic, and macroeconomic factors such as inflation. Investors and analysts reacted immediately to Tandem’s revised guidance. The price of Tandem’s common stock declined dramatically. On November 2, 2022, Tandem closed at $51.34; however, on November 3, 2022, Tandem closed at $35.72 – a one-day decline of 30.4%.
If you purchased or otherwise acquired Tandem shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at [email protected], telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.